BANK UNDERWRITE ONLY · NOT A TERM SHEET · JUL 2026
One SPE. One shell.
Stress NOI first.
Construction / bridge ask on 1705 Manhattan Blvd, Harvey LA — dual-entry MIRAGE residences + CRAVE kitchens. This page is the lender door. Sponsor upside lives elsewhere. Wellness chairs = killed.
Collateral: fee simple land + 55,000 SF GBA CFS (100′×110′×5) · MU-CD · PLS #8387
Underwrite: 56 monthly residences (stress occ) + 6 kitchen base licenses
Exclude until proven: bar · court events · POS % above base · wellness
1 · Collateral in 10 seconds
| Item | Lock |
|---|---|
| Address / legal | 1705 Manhattan Blvd · Lot P-2-A1Y4 · 2.2 ac · Jefferson Parish |
| Survey | PLS #8387 · 95,795 SF · bowl + neck · flag lot · one curb cut |
| Zoning | MU-CD · hotel + A-2 dining path (pre-app narrative) |
| Building | CFS · 100′×110′×5 · 55,000 SF GBA @ CO only |
| Door 1 | MIRAGE lobby · elevators · 56 residence keys (L2–L5) |
| Door 2 | CRAVE · ~7,050 SF · 6 licensed chef kitchens · Mirage bar (upside) |
| Parking / civil | 100 stalls · H-1 engineer lock · enter east / exit west |
| Killed | Wellness / salon chair rent roll — not in program |
2 · Bank column (what credit should underwrite)
| Engine | Bank / mo | Basis |
|---|---|---|
| Residences · 56 keys | ~$64,185 NOI | GPR ~$142k @ 100% · shown @ 72.7% occ · ~38% opex · monthly rents $2,400 / $3,400 |
| CRAVE · 6 kitchen base | ~$1,000 NOI | $9,000 base ($1,500 × 6) − ~$8k BOH support · no 15% POS until LOIs + history |
| Bank core NOI | ~$65.2k | Keys + kitchen base only |
| Bar · court · POS % | $0 bank | Sponsor upside — not debt service until proven |
Stress memo floor ~$110k NET uses a conservative full-ops tier for sensitivity — lead credit discussion with ~$65k bank core, then walk stress/sponsor separately. Detail: bankable-proforma.html · pnl-2d.html.
3 · Sources & uses (illustrative)
| Uses · IFC-3.2 LOCK | $ |
|---|---|
| Land | $435,000 |
| GC hard working | $3,400,000 |
| · CFS dried-in WORKING | $1.15M |
| · CFS RFQ stretch | ≤ $1.00M |
| · Soft (PE seal + AHJ + geotech + SI) | $160k |
| All-in working | ~$3,835,000 |
| Owner hard max / all-in max | $3.80M / ~$4.24M |
| Sources | $ |
|---|---|
| Sponsor equity | TBD |
| Construction / bridge loan | ~$3.84M ASK |
| Takeout | Stabilized refi on keys + kitchen base |
4 · Pre-commitment wall (what makes lenders compete)
- IN PLAY As-is land appraisal — vacant commercial · sales-comp · cost basis $435k · MAI target ~$1.0–1.25M for the file · order path live
- READY Survey / civil — PLS #8387 · H-1 100-stall flow · flag-lot neck lock
- READY Program lock — 55,000 GBA · 56 keys · 6 kitchens · dual entry · wellness killed · IFC-3.2 · hard $3.40M / max $3.80M locked
- READY Corridor comps — 7 Brew pad · IHOP 1719 · 1020 / 1650 Manhattan $/SF · proof links
- GAP Kitchen LOIs — need signed base licenses (target 3–6) before credit committee loves the $9k floor
- READY IFC-3.2 bid fill — hard $3.40M · max $3.80M · plans-checked · bid sheets
- GAP CFS RFQ — working $1.15M · stretch ≤$1.0M · GC signatures
- GAP MAI as-complete / stabilized — independent, not sponsor worksheet
- GAP Operator / liquor path — hotel op + ATC plan for Mirage bar
Fill the GAP rows → lenders stop “interesting” and start competing on rate / LTC / speed.
5 · Same-street proof (recorded / published)
| Comp | Why it matters | |
|---|---|---|
| 7 Brew @ AMC Manhattan | $1.0M / 0.44 ac | Same street · national QSR land demand |
| IHOP 1719 | $1.55M | Adjacent node · F&B trades here |
| 1020 Manhattan | ~$166/SF | Bulk improved scale on same boulevard |
| 1650 Manhattan | ~$217/SF | Strip ceiling · size-adjust down |
| HIE 2433 Manhattan | 91 keys | Same-street lodging exists · Mirage = monthly residences |
6 · Lender book (download set)
One zip / one PDF when assembled — not 40 HTML tabs in credit committee.
| Doc | Link |
|---|---|
| This lender door | lender.html |
| Bank P&L (fact vs model) | bankable-proforma.html |
| Land comps · MAI (~$1.0–1.25M target) · cost $435k | bpo-client-1705.html |
| Bid checkoff · $3.5M lock · steel gate | BID-SHEET-OWNER-GC-CHECKOFF.html |
| CRAVE kitchen thesis | cravez-kitchens-bar.html |
| Drawings / CD draft hub | drawings.html |
| Data room | diligence.html |
| Deep memo (archive layout) | lender-2d.html |
1705-LENDER-BOOK.pdf and host a single download button here.7 · Credit call
Philbert Honore · 504-314-8441 · partners@miragedistrictnola.com
Not an offer to lend · not USPAP · not a commitment. Sponsor worksheet for discussion only. Verify deeds, LADOTD VPD, GC bids, and appraisal independently.